Calculate using real St. Louis data. Median home price: $175,000. Property tax rate: 1.45%.
With the median household income of $45,782 in St. Louis, MO, following the 28% rule, you could afford a monthly payment of about $1,068.
The cost of living index in St. Louis, MO is 88 (national average = 100). A home at the median price of $175,000 would require roughly 3.8x the median income.
A conventional 20% down payment on the median St. Louis, MO home ($175,000) would be $35,000. FHA loans may require as little as 3.5% ($6,125).